African Gold Group Intersects Further Exceptional High-Grade Gold

 

• SECOND HOLE INDICATING SIGNIFICANT UPSIDE AT KOBADA GOLD PROJECT INTERSECTING 1.59 G/T GOLD OVER 11.0 METRES INCLUDING 19.0 G/T OVER 0.8 METRES

TORONTO, Nov. 26, 2019 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is extremely pleased to announce further exceptional high-grade intersections at the Kobada Gold Project. The recent high-grade intersections continue to indicate there is considerable upside potential at the Kobada Gold project.

Highlights Include:

• Drilling to date suggests the grade could increase materially, particularly in the Central Zone,
• Drill hole KB19_P1_17 returned 1.59 g/t gold over 11.0 metres (m), including 19.0 g/t gold over 0.80m,
• Drill hole KB19_P1_17 returned 6.39 g/t gold over 1m.
• Drill hole KB19_P1_17 returned 1.65 g/t gold over 1m.

“As we start to move into the central part of the shear zone, we are seeing higher-grade results than expected,” says Danny Callow, COO of AGG. “We are extremely excited with these exceptional results and with the current rate of drilling exceeding expectations, we are expecting a large number of equally favourable results to come in over the next few weeks.”

The Phase 1 drilling program is designed to build on the existing mineral resource estimate (released February 2016) of 1.2 million ounces of gold grading 1.1 g/t gold in indicated and 1.0 million ounces of gold grading 1.0 g/t gold in inferred categories. Drilling to date shows a very strong correlation to the existing resource, and if future drilling results, particularly in the Central Zone, continue to produce favourable results, there could be a material increase in grade. Phase 1 drilling is nearly complete and sites for the planned Phase 2 drilling campaign are currently being prepared.

“We are very excited to have intersected more high-grade mineralization in the central zone of the Kobada shear,” says Dr. Andreas Rompel, VP Exploration, “and we are very enthusiastic that the zone of mineralization starts at very shallow depth and continues down dip and has an impressive thickness. This will work in our favour when mining the upper portions, lowering strip ratio with access to early ounces. The results we are seeing in this initial phase of drilling is extremely encouraging and bodes very well for the updated resource model due in January 2020. Bearing in mind that these results are being achieved in only 4km of more than 30km of shear zones identified on our concessions, we could be sitting on a substantially higher resource.”

Table 1: Highlights

		Mineralised Zone				Includes
BHID	Ore Body	From	To	Composite Length (m)	Composite Grade (g/t)	From	To	Includes (m)	Includes (g/t)
KB19_P1_17	Main Shear South	50.50	61.50	11.00	1.59	58.40	59.20	0.80	19.00
		110.00	115.00	5.00	1.40	113.00	114.00	1.00	6.39
		125.00	126.00	1.00	1.65

2019 Kobada Mineral resource model upgrade

This current Phase 1 drilling program will assist in refining the structural geology and mineralization model that is being established by Minxcon in conjunction with the definitive feasibility study being developed by SENET (as previously announced on August 19, 2019). AGG expects the Phase 1 and Phase 2 drilling campaigns to be completed by the end of December 2019, with further phases of drilling targeting additional shear zones in the first quarter 2020.

Qualified Persons

The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr. Andreas Rompel, PhD, Pr. Sci. Nat. (400274/04), FSAIMM, Vice President Exploration of AGG, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and by Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions.

About African Gold Group

African Gold Group is a Canadian listed exploration and development company on the TSX Venture Exchange (TSX-V: AGG) with its focus on developing a gold platform in West Africa. Its principal asset is the Kobada Project in southern Mali. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.

For further information please contact:

Stan Bharti
President and Chief Executive Officer
(416) 861 2267

Forward-Looking Statements

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, management’s, the Company’s development and exploration plans for the Kobada project, expectation of grade and resources at the Kobada gold project, the rate of drilling during the Phase 1 and 2 drilling program at the Kobada gold project, expectation of drill results at the Kobada project, the timeline for the completion of the Phase 1 and Phase 2 drilling program, the definitive feasibility study and the updated resource model, expectations for mineralization and location of extensions at the Kobada gold project and expected mining methods at the Kobada gold project,  and other statements with respect to the future plans or intentions of the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", “aims”, "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Table 2: Assay results from the southern main mineralized zone (reported length measured along the holes):

Mineralization Zones

		Mineralised Zone				Includes
BHID	Ore Body	From	To	Composite Length (m)	Composite Grade (g/t)	From	To	Includes (m)	Includes (g/t)
KB19_P1_17	Main Shear South	50.50	61.50	11.00	1.59	58.40	59.20	0.80	19.00
KB19_P1_17	Main Shear South	110.00	115.00	5.00	1.40	113.00	114.00	1.00	6.39
KB19_P1_17	Main Shear South	125.00	126.00	1.00	1.65

Cumulative Mineralization Widths

BHID	Cumulative Mineralisation Width (m)	Mean Grade (g/t)
KB19_P1_17	23.00	1.24

Significant Intersections (Above 1 g/t)

BHID	From	To	Intersection Length (m)	Au_Final (g/t)
KB19_P1_17	58.40	59.20	0.80	19.00
KB19_P1_17	113.00	114.00	1.00	6.39
KB19_P1_17	125.00	126.00	1.00	1.65

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/7b645e37-25cb-46e7-8c9d-69df76e19b59

https://www.globenewswire.com/NewsRoom/AttachmentNg/f047a715-70fb-4701-bff8-921e88ed590a